FxWirePro: EUR/USD approaching support level at 1.0931, bearish in the short term

 

• The pair has broken minor support level at 1.0968 and is moving downwards to test next support level located at 1.0931 (38.2% Retracement level), the resistance level 1.1006 is strong and it is expected to hold the bulls from advancing further.

• Today market awaits Initial Jobless Claims and GDP figures from US market.The pair is trading around 1.1044 levels and it is expected decline towards 1.1000 and 1.0950 levels in the short term.

• To the upside, the strong resistance can be seen at 1.1006, a break above this level would take the pair towards next resistance level at 1.1035 (July 15^th high) levels.
• To the downside immediate support can be seen at 1.0931, a break below this level will open the door towards next level at 1.0884 levels.

Recommendation: Go short below 1.0970, targets 1.0930, 1. 0880, SL 1.107

Resistance Levels

R1: 1.0968 (July 21^st high)

R2: 1.1006 (61.8% Retracement level)

R3: 1.1035 (July 15^th high)

Support Levels

S1: 1.0931 (38.2% Retracement level)

S2: 1.0884 (23.6% Retracement level)

S3: 1.0868 (July 22^nd lows)